The Chartered Body Alliance is urging regulators and firms to work more closely with professional bodies by closing information loopholes, which will ultimately help prevent “bad apples” from re-circulating within the industry.
The Chartered Body Alliance (the Chartered Institute of Securities and Investments, the Chartered Insurance Institute and the Chartered Banker Institute) response to the Banking Standard Board (BSB) Consultation on Certification and Risk has broadly welcomed the proposals for further guidance supporting fitness and propriety assessment of individuals. But it has called on the BSB to take specific action and tighten up its proposals in these key areas:
- Consider possible professional membership issues that may call into question an individual’s fitness and propriety
- Closing the information loophole
- Organisational support for professional development
Simon Thompson Chief Executive of the Chartered Banker Institute said: “
“Encouraging professional membership and a commitment to professional standards are simple but effective steps to preventing and mitigating risk – and the BSB should use this opportunity to communicate this more widely.”